All the press releases for NAMX are gone now except the one announcing the cancellation of Tridon's shares. Don't worry Dr. Stamm, we have those press releases saved. I hope the SEC is hot on your dishonest trail.
Stamm accomplishments:
98% loss of shareholder value
that's all folks!!
Was there a short conspiracy ?? Come on SEC, find out if Stamm and some market makers conspired to illegally short this stock!! If you're innocent Stamm then speak up, we can't hear you. Being incompetent or stupid is not a crime. Did you spend all that money drilling a marginal field? Your silence is criminal IMO.
Monday June 1, 11:30 am Eastern Time
Company Press Release
Letter To the Stockholders of North American
Exploration Corporation
SEATTLE--(BUSINESS WIRE)--June 1, 1998
Dear Stockholders:
Your Board of Directors would like to apprise you of recent developments concerning North American Exploration Corporation, a Florida Corporation (the ''Company'').
EDIT
The Board of Directors further resolved to authorize the President of the Company to begin a formal search for a person to serve as the Company's Treasurer.
On March 30, 1998, Mr. Ebeling formally tendered his resignation to the Company.
EDIT
There are currently 144 million outstanding shares of common stock, and the Company has placed ''stop transfer'' instructions on stock certificates representing approximately 60 million shares.
Business Development
On March 29, 1998, every contract the Company had was in default for non-payment. The Company had more than $400,000 (US) in unpaid trade debt. A lien had been formally filed on six wells in Nebraska, which were in various states of completion, by the drilling company.
Since March 29th the following has been accomplished. Stop gap finance, in the amount of $700,000.(US), was obtained from foreign sources to stabilize the Company. The trade debt was
paid and the lien on the wells was removed. Over the traditional Easter break, a team of financiers was assembled from Europe, the United States and Australia to meet with legal counsel in Los
Angeles and plan the continuation of the Company longer term. The longer term plan involves the completion of all six of the new Porter Field wells in Nebraska, as well as continuation of the drilling
to a total of sixty wells on this structure; re-entering the Carroll and Rother Wells in Colorado; and beginning the Southeast Colorado Project.
Currently, in Nebraska, the gas gathering system construction is complete. Natural gas is being sold from two wells, and eight of the Porter Field wells are in the process of being hooked up to the
gathering system to sell natural gas. Financing commitments have been obtained such that the longer term plan may be accomplished. On June 15, 1998, the drilling of three additional wells in Nebraska will commence. As soon as the driller can begin thereafter, fourteen more wells will be spudded. The Rother well will be reopened in late June as the beginning of the Southeast Colorado Project.
As for the future, the Board of Directors is currently doing, and will continue to do everything possible to make sure that the company survives and prospers- and most importantly that the Shareholders' interests are preserved. The Company is being run according to very proper and conservative principles. Information from the company will be provided via press releases and will be extremely factual. There are many issues and problems that need to be resolved. To resolve
them takes time, patience and the understanding of you, the Shareholders. The Board of Directors is currently working to put a top caliber management team in place so that together with your support,
we will have a growing and prosperous Company that rewards you, the Shareholder. Please do not forget, the members of the management team are Shareholders too.
I thank you for being shareholders.
Michael E. Stamm
Chairman and CEO
North American Exploration Corporation.
This information, other than historical financial information, consists of forward-looking statements
that involve risks and uncertainties including planned construction, drilling activity, expected
production efforts,volumes, budgeted capital expenditures and other risks and uncertainties. Actual
results may vary materially.
Contact:
North American Exploration Corporation., Seattle, WA.
Voice: (206) 326-5468
Fax: (206) 326-5469
or
Investor Relations Contact:
ML/Communications
Voice: (716) 442-2790
Fax: (716) 442-3227
More Quotes and News:
North American Exploration Corp (OTC BB:NAMX - news)
Related News Categories: environmental, oil/energy
Help
Copyright © 1998 Business Wire. |
